Gift Letter

Freddie Mac
A gift letter signed by the donor is required. Information provided in the gift letter must:
State the donor’s name and that the funds are given by a Related Person
Include the donor’s mailing address and phone number
State the maximum or actual amount of the gift funds or gift of equity
Establish that the funds are a gift that does not have to be repaid (Section 5501.3(c))
Fannie Mae
The gift letter, signed by the donor, must:
Specify the dollar amount of the gift
Specify the date the funds were transferred;
Include the donor’s statement that no repayment is expected; AND
Indicate the donor’s name, address, telephone number and relationship to the borrower. The subject address does not need to be identified in the gift letter. (Section B3-4.3-04).


NMLS #2179146
FHA (non-streamline)
A gift letter signed and dated by the donor and borrower that includes the following:
The donor’s name, address, and telephone number;
The donor’s relationship to the Borrower;
The dollar amount of the gift; AND
A statement that no repayment is required
VA (non-IRRRL)
A gift letter must:
Specify the dollar amount of the gift;
Include the donor’s statement that no repayment is expected; AND
Indicate the donor’s name, address, telephone number, and relationship to the borrower.


What documents should I be ready to provide for a pre-approval?
1. Identification
Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.
2. Proof of Income
Employees – most recent pay stubs
Self-employed – profit and loss statement
Passive income – most recent financial asset statements
3. Financial Asset Statements – At least two months of your most recent statements, including:
Bank checking and savings
Brokerage
Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities
Trust
4. Tax Returns
Employees – W-2 forms and tax returns for the last two years.
Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.
Passive Income – Tax returns for the last two years.
NETWORK OF MORTGAGE LENDER
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HARD VS. SOFT CREDIT INQUIRIES
Lenders view your credit history in one of two ways—a hard inquiry or a soft inquiry (also known as a hard pull or soft pull).
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